PROJECTS
       This page will give information specific to  each of the individual properties in the portfolio. Some of my property projects are finished, others are nearing completion, but all my properties could be improved and all need to be maintained. There is a website, www.obeo.com/rick1  that has each property listed individually. There is a link at the top of the page to access that website. I will be adding more and more information to each of the listings as time allows. At this point there are no sale prices listed on the website. Real estate values have been  decreasing for the past five years. But many indicators now express an upward movement, be it ever so slight.  I could be the lender on my free and clear properties but any properties with a mortgage would need to be cashed out. See list below.
 
​         Purchasers interested in part or all of the real estate portfolio, who wish to avoid paying all the closing costs related to purchasing properties from traditional lenders, can get a huge break by purchasing my free and clear properties. I can be your lender if I can verify your ability to perform. I am currently selling my free & clear properties on a rent to own basis. The Tenant/Purchaser pays one single monthly payment that does not change when the sale closes. The purchaser qualifies if I can verify their income source. If they can afford the monthly rent payment then they can afford the Sale Contract payment. It is that simple. Within the two years I have put 7 of my free & clear properties under rent to own contracts. All seven contracts are similar in terms and conditions. The tenant/ purchaser pays their monthly payment to my accountant. She puts $200.00 of each payment into a down payment account and puts the balance into my business account as a rent payment until the sale closes. Once the tenant/purchaser has accumulated his $5,000.00 down payment the sale is closed and the purchaser continues to pay the same monthly payment on a note secured by a deed of trust payable at 9% per annum computed on the unpaid monthly balance. The only variable in the sale contract is their amortization schedule. I fit the length of the contract to their budget so that I know they can make their payment. They vary in pay off length from 10 years to 35 years but they always have the option of paying more per month in order to reduce their balance or pay the entire contract off without a prepayment penalty. The biggest problem most people have who wish to own property is that they can't qualify for a traditional bank loan and, or. they can't save the money for a down payment. My rent to own contracts solves both their problems. Their down payment is accumulated as they make their monthly rent payments. If they have a perfect payment record for 25 consecutive months, there is no reason to expect the purchaser not to continue making their mortgage payment. I have 12 free & clear properties that I am in the process of putting under contract. The income that I am creating using the rent to own method of selling my free & clear property will be added to the current income produced by the other properties in the portfolio. The combination of the current net positive cash flow of the property portfolio and my ability to participate as a Lender make for some varying approaches to the formation of a deal using creative financing.


         The properties in the portfolio must be sold in a specific order from the worst net positive cash flow to the best net positive cash flow. I must maintain the highest net I can until the last property in the portfolio is sold. So logic demands that the lowest net positive cash flow properties must go first.  The two unimproved lots in the Deerhaven, which have the largest negative cash flows are located at E41 & E142 Leffler Loop Road Grapeview WA 98546(Mason County Parcel numbers 22114-77-90021& -90013). They  have a combined mortgage balance of $80,000.00 with a payment of $370.00 per month at 4% until the principle balance is paid in full. They can be sold separately as each has deed release amounts in partial fulfillment of the mortgage. Out of the 20 properties I own these two lots have the largest negative cash flow. I am advertizing these properties at the prices listed below, as Rent to Own with the cooperation and approval of the lender.  If I sell them on Rent to Own contracts I will be receiving $650.00 on each lot. There would be a five year cash out in their contract. That would give them two years of rental possession and 3 years of ownership possession, which is more than enough time to obtain a construction loan which would pay off the property. During the rental period $200.00 per month, per lot would be put aside in a down payment account and $450.00 per month would be disbursed as rent. That would leave a net spendable of $530.00($450+$450=$900- $370= $530) per month for the first two years and $930.00 ($650+$650=$1300-$370=$930) per month for the following three years when the unpaid principle balance will be due and payable.  When the needle pierced the expanding equity balloon I had just applied for a building permit on the smaller 1.5 acre lot. In my opinion it is far and away the best lot in the 28 lot development. It is the only lot in the development  that has an an asphalt driveway leading to a very private, secluded cleared building site surrounded by huge evergreen trees. It is also the only lot in the development with a winter creek running the entire length of the lot. It is also the only lot in Deerhaven with the most expensive house sold in the development directly across the street. As part of the preparation for a building permit the septic system drain field has been installed and approved by the County. A ditch has been dug from the power and water source to the building site. This lot is 100% ready for construction. The other lot is mortgaged with the same private lender and is the largest lot in the development. It is 100% natural forest with the exception of a small cleared building site close to the road. Both lots are protected with recorded Covenants & Restrictions, a recorded Road Maintenance Agreement and a recorded Community Water Agreement. The three vacant lots remaining in the Deerhaven development are bordered by nice homes that were built in 2005.   

   The two homes are located at 290 & 330 Leffler Loop Road Grapeview WA 98546(parcel #'s 22114-77-90072 & 22114-77-90052). They are rented for $1,200.00 each. They are newer homes requiring little or no maintenance.   The 2015 property taxes for 290 are $2,180 &  $1,944 for 330($4124 total). Insurance for each home is $726($1452 total).  
Annual debt service is $23,784( +T&I of $4,850=$28,634.00. Annual income is $28,800. This results in a slight positive cash flow on each home. The tenants in 330 Leffler loop Road have occupied the home from the time it was completed in 2006 to now. Both 1700 square foot homes are on 1.5 acre lots. One home floor plan is a mirror image of the other home. They are both 3 bedroom, 1&3/4 bath  single story open living ramblers with three bedrooms down the hall. Pictures can be seen if you click the Current Properties Link. The only other property with a mortgage in the 14 property portfolio offering is my office building. That property has the largest positive cash flow .  The other 9 properties being offered in the portfolio are  free & clear. Below is a summary of the entire Property Portfolio Offering.

PROPERTY PORTFOLIO 
             OFFERING  
  PROPERTY

MASON COUNTY
PARCEL NUMBER


1) 22114-77-90072
2) 22114-77-90052
3) 22114-77-90013
4) 22114-77-90021
5) 22114-77-90071 
6) 22116-20-93012
7) 22116-20-93013
8) 22116-30-91012
9) 22116-30-91013
10) 22116-30-91014
11) 22116-31-91002
12) 22116-20-93040
13) 22116-31-91001
14) 32018-51-09001
​15) 22116-20-93011


  FOLLOWING LIST

15) 70380001100
16) 12805220301
17) 32033-44-00070
18) 32015-33-00000



PORTFOLIO LIST

LOCATION



290E Leffler Lp Rd
330E Leffler Lp Rd
142E Leffler Lp Rd 
 41E Leffler Lp Rd
146E Leffler Lp Rd
1003E Centerline Rd 
1001E Centerline Rd 
641E Centerline Rd
621E Centerline Rd 
591E Centerline Rd 
661E Centerline Rd
901E Centerline Rd 
681E Centerline Rd
2337 OlympicHwyN
​1005 Centerline


NOT AVAILABLE AT

4032 Rainwood Dr.
3411 Carson Lane 
660 CookPlantFarm 
1930 Crestview Dr
​.


TOTALS


SIZE



1.14 acre
1.02 ac
1.88 ac
1.41 ac
1.46 ac
2.3 ac
2.5 ac
4.1 ac
4.6 ac
4.8 ac
2.5 ac
2.9 ac
10 ac
180'x100
​10ac
TOTALS

PRESENT

.5 acre
3.7 ac
4 ac
8 ac



16.20ac


DEBT



183000
183000
40000
40000
0
0
0
0
0
0
0
0
0
149000
​0
595000



175000
425000
0
18000



618000



EQUITY



67000
67000
55000
40000
180000
70000
65000
75000
85000
75000
60000
110000
115000
701000
​260000
2025000



65000
425000
220000
882000



​1757000


INC



1200
1200
685
0
880
575
650
750
650
650
750
750
750
5460
​380
15330



1200
0
450
0



1650

PMT



991
991
185
185
0
0
0
0
0
0
0
0
0
1013
​0
3365





NET



209
209
500
-185
880
575
650
750
650
650
750
750
750
4447
​380
11965








      Properties #'s15 & 16 on the above list are not currently offered but they will be sold within the next five years. My personal residence #16, on Carson Lane is attached via a short path through the forest to the Rainwood Drive home#15. This would make a perfect two home package for someone needing to care for, or be close to a family member. Property #17, at 660 Cook Plant Farm Road contains a peat lake which is planned to be harvested this summer. After the peat is sold I will build a private lake front home on the property.  Property #18 at 1930 Crestview Drive is registered with Washington State under License #117874 01as an Aquatic Farm for the purpose of raising Trout. The property is 8 acres in size and has 12 fresh water ponds. In one year we grew 60,000.00 Trout from fingerlings to over a pound ranging in length from 12"-18". This property has unlimited income potential. Properties #19&20 are large acreage tracts for which I have not yet determined their highest and best use. I am excluding these 6 properties from the 14 property portfolio listings I plan to sell to one investor. The following projects, scheduled for the 14 properties I am selling, can all be finished this year.      
​       ​    
     If a purchaser wishes to put a deal together before I am finished with the projects, I will work with the purchaser on the projects until they are comfortable taking them over. The purchaser may want me to participate in the financing of the purchase of the 14 properties. If they do I will be involved in a long term relationship as their Lender. The seven sales I made over the last two years all involved my ongoing participation as a Lender.  The first Rent to Own sale was to a single man in his early 50's. He bought a 2.5 acre parcel at 1001 Centerline Road. He built a cedar fence around his building site and a shop for his tools. We both participated in the installation of a transformer at the NE corner of the property. My next project is to install the meter base so a trailer can be hooked up to power. Temporary water is already on the property with a pressure tank in his shop building. My next Rent to Own sale was to a couple in their 50's who were renting the property located at 621 Centerline Road for the previous five years. The property they were renting had power and water before they moved onto it. They have since built several out buildings and live in there travel trailer. There is a well and a large capacity transformer on this 4.6 acre parcel. I am in the process of supplying power to the four adjacent lots using the transformer on this property as the source of the power. I will at the same time run the power into the three lots at the end of Centerline Road  for addresses 1001. 1003 & 1005. These projects will be completed over the next several months.  I can't believe you are still here! If you have spent this much of your precious time reading the last four page you must be a little interested. If you have access to the money needed to fund my life change, you should click on THE DEAL Link and read on. ​       ​  
​VALUE



250000
250000
95000
80000
180000
​70000
65000
75000
85000
75000
60000
110000
115000
850000
​260000
2620000



​240000
850000
220000
900000



2210000